Egypt’s Lecico Records 2% Growth in Net Profit

Egyptian ceramics maker Lecico disclosed net profit of 12.7 million Egyptian pounds ($2.1 million) in the first quarter of 2012 on Tuesday.

According to a statement on the company’s website, the increase recorded represents a 2 per cent growth compared to last year’s first quarter results as sales grew 33 percent from the same period a year earlier to 287.5 million pounds ($47.8 million)and earnings before interest and tax climbed 20 percent to 35.6 million pounds ($5.9 million).

The ceramics maker credited sales growth to its continued recovery in the Libyan market, growing regional demand for its products (tiles) and growth of sanitary-ware sales to new markets and equipment manufacturers in Europe.